The secret 4 phase market entry strategy
It’s time to get your marketing and advertising in order. You may have a fantastic service or product, but if consumers are unaware of it, there’s no sense in business. To ensure that customers consider your product, you’ll need marketing methods that work for your startup. This post will concentrate on developing a marketing plan before you enter the market.
Phase #1 Market research: Validate the Market
How can you tell if you are ready to sell products or services? How do you know if your product is adequate to satisfy your clients’ requirements? These questions are answered during the validation process.
To begin, you must validate your local market or establish whether there is a demand for your business in international markets. Here are some questions to think about to determine that.
- How large is your market? Are your products or services only available locally? Or is there a potential to broaden your customer base?
- Are you a local business?
- How often are your customers buying your items?
- Will your clients purchase day-to-day, weekly, monthly, annual, or even every five to ten years?
The answers to questions will:
1) Show whether your business model is sustainable as you get started
2) determine how you should proceed with your marketing strategy.
After confirming the market, go deeper into the target demographic or customer.
For example: Are their habits and trends? If so, who leads these trends? The answers to this can help you understand your product’s benefits over the competition.
Phase #2 of an Online marketing strategy: Define Your Target Market
To sell anything, you must first determine who your service or product’s target market is. And the truth is that it can never be “everyone.” When everyone can use it, sales become more challenging because there are no barriers to entry. Your service or business becomes too general.
Example: Let’s assume you’re an X-Ray technician who wants to provide all medical treatments. Now, you may offer Dental/Long-Term Care, Physical Therapy, and Chiropractic services. Your “Unspecialized service offering” will most likely drive your X-Ray tech customer base away. When a client chooses to hire a specialist, they are under the impression that this individual’s primary focus is the offering they are inquiring about. This gives clients peace of mind knowing that their professional is an expert in their field, which results in referrals and more business.
The greatest approach to success is to build your business and expertise around as much knowledge as possible. Consider the following questions:
- Who is your ideal customer?
- Which income bracket does your target customer belong to?
- Where are they located?
- Are they male or female?
- How much education do they have?
- In their industry, are they a manager or a blue-collar worker?
- Describe which problems your ideal client needs solving
Remember, the more you understand your consumer, the higher your chances of closing a sale. It’s time to explain why this works! Why do consumers buy immediately after you’ve determined who your ideal client is?
Phase #3 of a Marketing Strategy: Create Consumer Value
Many businesses excel at describing their products and services. However, few comprehend how to present their goods or services to demonstrate value to consumers. Explaining the benefits of your product is a good start.
If you can help the client achieve their objective, the item will sell itself.
Begin by determining which features your customers appreciate and hate about your product. This can often be accomplished by examining reviews. You can also ask your team to describe the most common reasons customers approach them with complaints or praises for your product or service.
- Price (cost compared to value)
When determining the value of your product or service, it is often best to break down everything that goes into creating it. For example, if you are selling a watch, your customers should know that the price includes more than just its manufacturing cost.
You might justify the cost by identifying the benefits of the product or service. In determining the consumer value, you should ask yourself, does your consumer value the watch the same as you might? If you’ve calculated the price of your watch to sell at $200, but your consumers think that they can get a watch that has similar functionality for $50, then you need to convince them why your watch is worth buying at such a higher price point.
Maybe your product functions better, or has a longer-lasting battery, or will ultimately bring them a greater amount of satisfaction. Finding these benefits is like Gold for your product or service. You can paint a picture for your clients to help them see why your offerings are the best choice for them. Help them to see What’s in it for them by buying your product or service.
You can display this on a website by using Feature-Benefit statements
Feature-benefit statements are a powerful way to accomplish this. A feature describes what the product is and does, while functional benefits address consumers’ problems or needs while interacting with your services.
You must next develop your marketing strategy around how clients view the value of your goods. Many clients adopt the thinking “WIIFM.” This acronym stands for “what’s in it for me?” A client ultimately wants to know how they benefit from using your product or service. So, if you can help them answer that directly in your product/service description, then you are on your way to developing a great marketing strategy.
When developing a marketing plan, it’s critical to consider the client’s interests (what’s in it for them?) in buying your offering and communicate what separates you from your competitors using benefits.
Here is an example:
“Our furnaces help businesses increase efficiency and reduce costs with computer-controlled burner ignition and fan speed.”
This benefit can be communicated across your promotional materials, landing pages, campaign development, packaging design, and overall strategy.
Phase #4 of a Marketing Strategy: Recognize Your Competitors
Nowadays, the market is rarely confronted with a product or service that will not compete with it. So, your competition is aiming their messages at the same people as you are. So, how can you stand out or gain a competitive advantage?
Show your customers exactly what makes you different.
- What is it about your service or product that sets you apart from the competition?
- Do you offer turnkey projects or services?
- Do you work with local partners?
- Are your headquarters in a foreign country?
- What is your unique marketing proposition, and how will it assist your clients?
For example, perhaps you have a more extended guarantee than your competition. Maybe you’ve established a track record of success with other firms. To stand out, communicate these distinct views of your product/service.
Validating the market, identifying the target audience, generating client value, and recognizing your strengths from your competitors are the four vital elements of building a successful marketing strategy. Your next step is to decide on the methods you’ll utilize in your marketing and your budget.